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Saudi FI, GRG kick off phase two of optimized cash collection project

Phase one reduced cash handling time for retailers, streamlined cash collection for the bank and its CIT provider, and improved security for all, the partners say.

January 20, 2015

Al Rajhi Bank, an Islamic bank with assets exceeding $76 billion, has teamed with GRGBanking and cash-in-transit company Hemaia Group on the purchase of intelligent deposit machines, implementing phase two of a project to optimize retail cash collection in Saudi Arabia and the Middle East, according to a GRG press release.

The bank previously worked with GRG and Hemaia to implement phase one of the project with the installation of P2801L cash deposit machines in more than 16 retail businesses in the region. The machines are configured with a fingerprint authentication module to enhance security and convenience, the release said.

With the launch of phase two in November 2014, the three partners remarked on the success of phase one, which reduced cash handling time for retailers, streamlined cash collection for the bank and CIT provider, and improved security for all, the release said.

The P2800 series incorporates high speed and large capacity, along with technologies that include banknote validation, serial number tracking, and more. The solution is ideally suited for retail back office deposit, bank branch teller automation and CIT resource optimization, the release said.